Sale involves total gross proceeds of about $160m
Allens has announced that it advised the Commonwealth Bank of Australia (CBA) on its sale of an approximately 5% stake in the Vietnam International Commercial Joint Stock Bank (VIB).
VIB is a Vietnamese commercial bank listed in the Ho Chi Minh Stock Exchange.
The international law firm said in its news release that it drew on its extensive experience in Vietnam to assist the CBA with all the transaction’s aspects, including in connection with the legal issues and strategic matters within the rapidly evolving Vietnamese market.
The sale, which involves total gross proceeds of about $160m, is part of the CBA’s strategy to focus on its banking businesses in Australia and New Zealand, the firm’s news release shared.
The Allens deal team advising the CBA on the divestment included Linh Bui, lead partner and head of Vietnam; Ngoc Anh Tran, partner; Ha Nguyen, senior associate; Kiet Do, associate; and Tien Tran, associate.
“We are pleased to have worked with CBA to navigate the Vietnamese market throughout the lifecycle of this investment, with the firm also having advised on CBA's original foreign strategic interest in 2010,” said Bui – who focuses on mergers and acquisitions, corporate law, and banking and finance – in the firm’s news release.
“CBA is an important client of Allens in Australia and we are pleased to extend our support to CBA on this strategic investment in Vietnam,” Bui added in the news release.
